Soybean futures climbed back above $12 per bushel, hitting their highest level since May 2024, as elevated energy prices and geopolitical risks continued to lend support to oilseeds. Market participants remain focused on disruptions tied to the US-Israeli conflict with Iran. Crude oil has resumed its rally despite the International Energy Agency authorizing its largest-ever release of emergency reserves.
While some traders are betting on a swift resolution to the conflict and the restoration of fuel and fertilizer shipments through the Strait of Hormuz, US Defense Secretary Pete Hegseth has warned of an intense day of strikes, and recent Iranian efforts to mine the Strait point to ongoing disruption. Against this backdrop, concerns over ample global grain supplies have receded, propelling soybean prices to multi-year highs. Traders also largely shrugged off Tuesday’s uneventful WASDE report.